Cullumber Corporation is projecting a cash balance of $38,400 in its December 31, 2021, balance sheet. Cullumber's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $236,800. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $55,040. Other information gathered for the first quarter of 2022 is sale of equipment $3.840; direct labor $89.600, manufacturing overhead $44.800, selling and administrative expenses $57,600; and purchase of securities $17,920. Cullumber wants to maintain a balance of at least $32,000 cash at the end of each quarter. Prepare a cash budget for the first quarter. CULLUMBER CORPORATION Cash Budget $ w: v